Cairo – Mubasher: The unaudited financial results of Sidi Kerir Petrochemicals (Sidpec) showed a 62.5% year-on-year profit decline during 2019.

The company’s net profits shrank to EGP 487 million last year from EGP 1.3 billion in 2018, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

Meanwhile, Sidpec’s sales fell to EGP 4.96 billion in 2019, compared to EGP 5.78 billion in the previous year.

The profit drop was attributed to a fall in average sale prices due to lower prices of petrochemicals locally and globally and the strong competition in the Egyptian market.

In addition, the decrease in US dollar exchange rate against the Egyptian pound also weighed down on the value of the company’s sales.  

It is worth mentioning that during the first nine months of 2019, Sidpec’s net profits declined to EGP 521 million from EGP 922 million in the corresponding period a year earlier.